INCOME TAX

Marginal Rate

2022 Tax Year

2023 Tax Year

Filing Status

Single

Married Filed Jointly

Single

Married Filed Jointly
10% $0 to $10,725 $0 to $20,550 $0 to $11,000 $0 to $22,000
12% $10,276 to $41,775 $20,551 to $83,550 $11,001 to $44,725 $22,001 to $89,450
22% $41,776 to $89,075 $83,551 to $178,150 $44,726 to $95,375 $89,451 to $190,750
24% $89,076 to $170,050 $178,151 to $340,100 $95,376 to $182,100 $190,751 to $364,200
32% $170,051 to $215,950 $340,101 to $431,900 $182,101 to $231,250 $364,201 to $462,500
35% $215,951 to $539,900 $431,901 to $647,850 $231,251 to $578,125 $462,501 to $693,750
37% $539,901 or more $647,851 or more $578,126 or more $693,751 or more

 

Standard Deduction

2022 Tax Year

2023 Tax Year

Filing Status

Single

Married Filed Jointly

Single

Married Filed Jointly
Deduction Amount $12,500 $25,100 $13,850 $27,700

 

Trust, Gift, and Estate Tax

Exemption

2022 Tax Year

2023 Tax Year
Gift/estate and generation-skipping exemption $12,060,000 $12,920,000
Annual Gift Exclusion per donee $16,000 $17,000
Top estate tax rate 40% 40%

 

Retirement Plans

Type of Plan

2022 Tax Year

2023 Tax Year
401(k) – Max Contribution $20,500 $22,500
IRA – Max Contribution $6,000 $6,500
401(k) Catch-up Contribution $6,500 $7,500
IRA Catch-up Contribution $1,000 $1,000

 

Social Security Benefits

2022 Tax Year

2023 Tax Year
6.2% Social Security Tax on wages up to $147,000 $160,200
Maximum monthly social security benefit at full retirement age $3,345 $3,627

INCOME TAX

Marginal Rate

2022 Tax Year

Filing Status

Single

Married Filed Jointly
10% $0 to $10,725 $0 to $20,550
12% $10,276 to $41,775 $20,551 to $83,550
22% $41,776 to $89,075 $83,551 to $178,150
24% $89,076 to $170,050 $178,151 to $340,100
32% $170,051 to $215,950 $340,101 to $431,900
35% $215,951 to $539,900 $431,901 to $647,850
37% $539,901 or more $647,851 or more

INCOME TAX

Marginal Rate

2023 Tax Year

Filing Status

Single

Married Filed Jointly
10% $0 to $11,000 $0 to $22,000
12% $11,001 to $44,725 $22,001 to $89,450
22% $44,726 to $95,375 $89,451 to $190,750
24% $95,376 to $182,100 $190,751 to $364,200
32% $182,101 to $231,250 $364,201 to $462,500
35% $231,251 to $578,125 $462,501 to $693,750
37% $578,126 or more $693,751 or more

 

Standard Deduction

2022 Tax Year

Filing Status

Single

Married Filed Jointly
Deduction Amount $12,500 $25,100

Standard Deduction

2023 Tax Year

Filing Status

Single

Married Filed Jointly
Deduction Amount $13,850 $27,700

 

Trust, Gift, and Estate Tax

Exemption

2022 Tax Year

2023 Tax Year
Gift/estate and generation-skipping exemption $12,060,000 $12,920,000
Annual Gift Exclusion per donee $16,000 $17,000
Top estate tax rate 40% 40%

 

Retirement Plans

Type of Plan

2022 Tax Year

2023 Tax Year
401(k) – Max Contribution $20,500 $22,500
IRA – Max Contribution $6,000 $6,500
401(k) Catch-up Contribution $6,500 $7,500
IRA Catch-up Contribution $1,000 $1,000

 

Social Security Benefits

2022 Tax Year

2023 Tax Year
6.2% Social Security Tax on wages up to $147,000 $160,200
Maximum monthly social security benefit at full retirement age $3,345 $3,627
This material is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting professionals before engaging in any plan or transaction.
The recommendations developed by GMAG in connection with its services are based upon the professional judgment of GMAG and GMAG cannot and does not guarantee the results of any recommendations. The information contained herein is not, and should not be construed as personalized advice, or advice of any kind.
No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein, by GMAG, its members, partners or employees, and no liability is accepted by such persons for the accuracy or completeness of any such information.
These opinions are subject to change at any time based on market or other conditions. Information included herein is based upon information reasonably available to GMAG as of the date noted herein.
GM Advisory Group, Inc. (“GMAG”) is a registered investment adviser that provides investment advice to clients on a discretionary and non-discretionary basis.